Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    702 Macmillan N Ave Wilmington, NC 28403-6419

    • Garden apartment buildings
    • 48,856 SF
    • 4.73 lot acres
    OFF-MARKET
    Last Sale
    Dec 03, 2021
    $27,070,000
    Value Estimations
    $20,110,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1884592
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 702 Macmillan N Ave

    Year built
    1997
    Construction
    WOOD FRAME
    Lot size
    4.73 lot acres
    Property size
    48,856 SF
    Zone code
    MF-H
    Property type
    Garden apartment buildings
    APN
    R05515-004-001-002
    APU
    R05515004001002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $12,295,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.8807
    Latitude
    34.2195
    CBSA code
    48900
    CBSA name
    WILMINGTON, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $98,156
    $1,316,500
    $10,299,600
    $11,616,100
    -
    $1,316,500
    $10,299,600
    $11,616,100

    Comparable in this City

    • Value Estimation
      $1,405,000
      10,530 SF

      114 Darlington Ave

      GARDEN APT, COURT APT (5+ UNITS) • 10,530 SF
      114 Darlington Ave, Wilmington, NC 28403-1346
      View Details
    • Value Estimation
      $1,995,000
      88,115 SF

      4160 Lk Ave

      GARDEN APT, COURT APT (5+ UNITS) • 88,115 SF
      4160 Lk Ave, Wilmington, NC 28403-5568
      View Details
    • Value Estimation by Request
      24,915 SF

      327 Guinevere Ln

      GARDEN APT, COURT APT (5+ UNITS) • 24,915 SF
      327 Guinevere Ln, Wilmington, NC 28403-1479
      View Details
    • Value Estimation
      $1,840,000
      10,800 SF

      4311 Maple Ave

      GARDEN APT, COURT APT (5+ UNITS) • 10,800 SF
      4311 Maple Ave, Wilmington, NC 28403-4300
      View Details
    • Value Estimation
      $3,605,000
      29,796 SF

      630 Carolina Bay Dr

      GARDEN APT, COURT APT (5+ UNITS) • 29,796 SF
      630 Carolina Bay Dr, Wilmington, NC 28403-2030
      View Details
    • Value Estimation
      $995,000
      27,827 SF

      3625 Caswell St

      GARDEN APT, COURT APT (5+ UNITS) • 27,827 SF
      3625 Caswell St, Wilmington, NC 28403-4132
      View Details

    Similar Nearby for Sale

    • $2,450,000

      Wilmington Multifamily Investment Opportunity

      Eleven townhome units in Wilmington, 100% occupied and professionally managed.
      942 Bonham Ave, Wilmington, NC 28403
      View Details
    • $180,000
      943 SF

      Midtown Condo with Greenspace View

      Two-bedroom, one-bath condo in a desirable, walkable midtown location.
      2940 Oleander Dr, Wilmington, NC 28403
      View Details
    • $10,750,000
      41,315 SF

      Wilmington Multifamily Investment Opportunity

      54-unit Wilmington rental portfolio with income and value-add potential.
      145 Lullwater Dr, Wilmington, NC 28403
      View Details
    • $689,990
      2,782 SF

      Renovated Multifamily Investment Property

      Two-unit property with strong income in a prime Wilmington location.
      305 Macmillan Ave N, Wilmington, NC 28403
      View Details
    • $800,000

      Development Site in Midtown Wilmington

      Development site suitable for townhomes in a prime Wilmington location.
      14 Wilmington Ave, Wilmington, NC 28403
      View Details
    • New
      $979,000
      3,579 SF

      Midtown Wilmington Mixed-Use Opportunity

      Commercial mixed-use property in Midtown Wilmington with flexible potential.
      5018 Oleander Dr, Wilmington, NC 28403
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      1,575 SF

      Furnished Office in Oleander Oaks

      Move-in ready, furnished office space in Wilmington, North Carolina.
      5725 Oleander Dr, Wilmington, NC 28403
      View Details
    • $17 SF/Yr
      1,345 SF

      Office Space Near Downtown Wilmington

      Office unit with private offices, restroom, and kitchenette available for rent.
      2202 Wrightsville Ave, Wilmington, NC 28403
      View Details
    • $20 SF/Yr
      3,577 SF

      Versatile Office/Flex Space Available

      Office/flex space in desirable Seagate community, suitable for various uses.
      5740 Park Ave, Wilmington, NC 28403
      View Details
    • Contact for pricing
      8,500 SF

      Retail Space Near University

      Retail space available in shopping center near University of Carolina.
      200 Racine Dr, Wilmington, NC 28403
      View Details
    • Contact for pricing
      8,343 SF

      Retail Space in University Centre

      Retail space available in Wilmington's University Centre shopping center.
      322-412 South College Rd, Wilmington, NC 28403
      View Details
    • $1,500 /Mo
      2,923 SF

      New Centre Drive Office Space

      2,923 SF office space in Wilmington, NC for lease.
      5040 New Centre Dr, Wilmington, NC 28403
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    702 Macmillan N Ave
    Wilmington, NC 28403-6419
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.